Income Protection Insurance
Question: What is most likely one of the biggest assets an income earner has?
Answer: Their future income earning potential.
If you are a 35 year old and earn $60,000 per annum, you will earn more than $1.8 million dollars in today's dollar terms by age 65. If you are a 35 year old and own a home, chances are you have your house insured, so why not your income?
Try living without your income and being unemployable due to a disability, that is the risk an income earner faces by not having adequate Income Protection Insurance.
And ACC does not pay illness based claims.
There is a lot of additional help potentially available while you are being paid an Income Protection claim. The insurance company can bring in additional specialists at no cost to you, to help increase your chance of rehabilitation after suffering a disability. Having financial peace of mind when you are unwell and unable to work, will assist greatly in helping achieve a good recovery.
There are choices of stepped premiums that increase with age and level premiums that do not increase with age. The younger you are when you set your level premium means you will save a lot of premiums in the years ahead. This will help keep your insurance affordable and sustainable.
There are differences between Income Protection policies in the market place. Sometimes Mortgage Repayment covers are used to insure a person’s income (you do not necessarily need to have a mortgage to qualify for Mortgage Repayment insurance).
I have assisted clients in making successful Income Protection claims arising from cancers, heart attacks, brain tumours, other tumours, stress and one person who fell from a ladder and suffered compound leg and hip fractures.
Contact me to discuss how I can help you find a suitable solution to insure your income.
Jeff Tobin CLU, ANZIIF (Snr Assoc) CIP.
Chartered Life Underwriter.
Tel: 09 412-5997
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